Libyan leader Moammar Gaddafi has accepted in principle to stop all hostilities in country and allow the deployment of peacekeeping foreign forces, his government and African Union mediators said Monday in a joint statement.

Ramtane Lamara, the African group's commissioner for peace and security, read off the agreement early Monday, the CNN reported.

The African Union team intends now to travel to Benghazi to meet with leaders of the opposition movement.

The deal announced on Monday does not address whether or not Gaddafi will step down. No timetable was specified.

According to the agreement, the Libyan leader supports the "deployment of an effective and credible monitoring mechanism."

"Leader Moammar Gaddafi expressed his full confidence in the African Union and its ability to successfully carry out the peace process in his country," the statement said.